J.F. Lehman & Company has formed a new environmental services platform after an investment affiliate of JFL Equity Investors VI, L.P. acquired majority stakes in Tradewater LLC and Reclamation Technologies USA. The two acquisitions are intended to serve as foundational investments for a growth-oriented platform focused on the lifecycle management of industrial and refrigerant gases and on mitigating uncontrolled methane sources, with an emphasis on specialized closed-loop services shaped by regulatory complexity and customer demand.
Tradewater specializes in the collection and control of refrigerant and methane gases. The business sources, aggregates, and coordinates the destruction of high-global-warming-potential refrigerant gases worldwide, and also locates and plugs orphaned and leaking oil and gas wells across the United States. Tradewater’s operations support the generation of carbon offset credits that are sold to customers in both compliance and voluntary carbon markets in the U.S. and abroad.
Indianapolis-based RTI provides refrigerant recovery and reclamation services, including on-site gas recovery, reclamation, advanced separation of mixed gases, cylinder exchange programs, and reclaimed and virgin gas sales. JFLCO said that combining the businesses would create a single provider offering collection, processing, reclamation, and destruction capabilities for gas waste, with plans to pursue additional organic initiatives and acquisitions to expand capabilities in a fragmented market.
JFLCO said it is partnering with a management team led by Jeff Laborsky and Katelyn Imrie. Laborsky was named chief executive officer, and Imrie was named president of the combined platform. At RTI, Rodney Pierce will remain president. Tradewater’s co-founders, Tim Brown and Gabriel Plotkin, said they will stay engaged with the business, which has also appointed Kirsten Dueck as chief executive officer of the Tradewater business.
Founded in 1992, JFLCO invests across aerospace, defense, government, maritime, environmental, and infrastructure industries and reports more than $8 billion in assets under management, with offices in New York City and Washington, D.C..
Support: On the advisory side, A&O Shearman provided legal counsel to JFLCO. Brown Gibbons Lang & Company served as financial advisor to RTI, with legal counsel from Ice Miller LLP. Cypress Capital, LLC served as financial advisor to Tradewater, with legal counsel from Faegre Drinker Biddle & Reath LLP.
KEY QUOTES
“We are thrilled to launch JFLCO’s newest platform by entering this growing and highly fragmented sector – the investments in RTI and Tradewater establish a market leader with unique capabilities, and represent a strong foundation for continued growth. We’re excited to partner with Jeff and Katelyn to build upon the strong foundation that RTI and Tradewater have established,”
Glenn Shor, Managing Partner
“We are partnering with a proven, highly capable management team with demonstrated ability in establishing and scaling specialized environmental services platforms. Together, we see a compelling opportunity to accelerate growth through disciplined M&A and organic investment, positioning the Company as the acquiror of choice in a highly fragmented market.”
Dave Thomas, Partner
“We are excited to partner with J.F. Lehman & Company and our talented teams at RTI and Tradewater to build a leading, differentiated platform in this attractive and growing market. Together, we share a clear strategic vision and a strong alignment around disciplined growth, operational excellence, long-term value creation, and climate impact,
Jeff Laborsky
